GlobeSt.com: Small deals are the ones that seem to be getting done today. Do you see that changing soon on the financing end?

Terlizzi: I formed a consortium of six community banks, and that was basically in response to the demonstrated need for senior-debt liquidity for stabilized assets that need between $20 million and $40 million, where there's very little available today. Smaller banks, between $1 billion and $3 billion, really don't have the access and the expertise on board to produce that kind of business. By acting as a correspondent for those banks, I'm able to find transactions that fit that space. There's clearly a need. Right now the only deals that are getting done in any material volume are the deals that are below $20 million that a single bank can undertake on its own. There are precious few of those.

And the pricing, oddly enough, at 6.5% to 6.75%. The business I'm willing to do is a little higher priced, but we're willing to do non-recourse. There's a bit of a premium that goes with that and you'll see 7.25% to 7.5% being the floor there. Leverage across the board is 65% or less. Nobody can do any more than that. It just doesn't make sense.